BitGo And Genesis Work On A Platform For Trading Bitcoin (BTC) And Ethereum (ETH) In Cold Storage

bitcoin price


The cryptocurrency winter that started last year was extended to this year. The bears refused to release the pressure on the market or give chance to the bulls. Notwithstanding, there is still a lot of progress going on behind the scenes that don’t relate to price. It’s no wonder top agencies are still making outstanding reports about cryptocurrencies. On Wednesday, Bloomberg, one of the most popular financial news outlets in the world, featured a solution to the ‘Billion-Dollar Theft Problem’ that plagues the cryptocurrency industry.


Bloomberg Features Genesis And BitGo


Genesis and BitGo intend to fix the ‘Billion Dollar Theft’ problem that plagues the cryptocurrency industry. According to the article, one of the major reasons why institutional players have been unable to enter the market is that there isn’t standard and affordable protection available when they buy cryptocurrencies from typical exchanges.


Bitcoin (BTC) Price Today – BTC / USD
Name Price
bitcoin
Bitcoin
$10,654.86-0.44%


Many investors know of the risks associated with owning cryptocurrencies like account hacking. Securing these funds in a cold storage is a complicated option that the average retail investor may not want to try. Institutional investors are put off by the regular stories of coin theft. From a distance, they see the market as too risky. This is where a simple and functional coin protection service comes in.
BitGo Inc, one of the leading platforms for institutional investors will be offering its customers a feature that allows them to sell, buy and trade BTC and ETH directly from a cold storage. This way, there will be greater scrutiny for funds, reduced risk of liability, and guarantee of protection to institutional customers.


Cryptocurrency Wallet Hacking


During the first nine months of the year 2019, the cryptocurrency industry lost $1 billion to hackers. It has become a high profile problem that left a bad impression of an industry that is seeking a legitimate recognition and mainstream adoption. The decline in the price of cryptocurrencies that started after they peaked in January 2018, will stop if many institutional investors decide to enter the market. These investors will be able to inject large capital into the market and keep things going.


Ethereum (ETH) Price Today – BTC / USD
Name Price
ethereum
Ethereum
$196.84-2.19%


However, there must be a degree of regulatory certainty and protection in the industry before these companies can comfortably come in. This is why there is currently a call for greater regulations in the cryptocurrency space. People like the Winklevoss Twins are trying to increase credibility in the market by making sure their exchange is regulated. Now BitGo is working with Genesis Global Trading Inc to create a whole new cryptocurrency market place. With this new system, the risk of cryptocurrencies theft will reduce significantly as hackers will be unable to access the funds in a cold storage through their typical routes.


Genesis Trading and BitGo are going to match buyers and sellers thus providing them with more assurance that their funds are safe. By enabling cold storage trading, the companies will cut off the time needed to move funds from a cold storage to a wallet or exchange before trading it. This is another incentive of this platform. Customers will enjoy security while they participate in regular trading.


Do you think this cold storage trading feature is going to invite institutional investors to the market?

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.